Thursday, July 29, 2010

school loan consolidation

school loan consolidation



Student loans are a great source of financial aid for students who need
help paying for their education.

How does Student Loan Consolidation it Work?

Student loans are a great source of financial aid for students who need help paying for their education. Unfortunately, students often leave college with burdensome debt. In addition, they often have multiple loans from different lenders, meaning they are writing more than one loan repayment check each month. The solution to this problem is loan consolidation..



What is loan consolidation?

Loan consolidation means bundling all your student loans into a single loan with one lender and one repayment plan. You can think of loan consolidation as akin to refinancing a home mortgage. When you consolidate your student loans, the balances of your existing student loans are paid off, with the total balance rolling over into one consolidated loan. The end result is that you have only one student loan to pay on.
Both students and their parents can consolidate loans.


Should I consolidate my loans?

Loan consolidation offers many benefits:
 Locks in a fixed, usually lower, interest rate for the term of your loan, potentially saving you thousands of dollars (depending on the interest rates of your original loans)
 Lowers your monthly payment
 Combines your student loan payments into one monthly bill
In addition, consolidated loans have flexible repayment options and no fees, charges, or prepayment penalties. There are also no credit checks or co-signers required.
You should consider consolidating your loans if the consolidation loan would have a lower interest rate than your current loans, particularly if you are having trouble making you monthly payments. However, if you are close to paying off your existing loans, consolidation may not be worth it.
How will the interest rate for the consolidated loan be?
The interest rate for your consolidated loan is calculated by averaging the interest rate of all the loans being consolidated and then rounding up to the next one-eighth of one percent. The maximum interest rate is 8.25 percent.
To figure your interest rate, visit loanconsolidation.ed.gov for an online calculator that will do the math for you.

How much can I save?

How much you save by consolidating loans depends on what interest rate you get and whether you choose to extend your repayment plan. According to Sallie Mae, the leading provider of student loans in the United States, consolidating student loans can reduce monthly payments by up to 54 percent. However, the only way to reduce your payment this much is to extend your repayment plan. You typically have 10 years to repay student loans, but, depending on the amount you're consolidating, you can extend your repayment plan all the way up to 30 years. Remember that if you choose to extend your repayment term, it will take longer to pay off your overall debt and you'll pay more in interest. There are no preypayment penalties, so you can always choose to pay off the loan early.

Am I eligible to consolidate my loans?

In order to consolidate your loans, you must meet the following criteria:
 You are in your six-month grace period following graduation or you have started repaying your loans
 You have eligible loans totaling over $7,500
 You have more than one lender
 You have not already consolidated your student loans, or since consolidation you have gone back to school and acquired new student loans

The following types of loans can be consolidated:

1 Direct Subsidized and Unsubsidized Loans
Federal Subsidized and Unsubsidized Federal Stafford Loans 
4 Direct PLUS Loans and Federal PLUS Loans
5  Direct Consolidation Loans and Federal Consolidation Loans
6  Guaranteed Student Loans
7  Federal Insured Student Loans
8  Federal Supplemental Loans for Students
9  Auxiliary Loans to Assist Students
10  Federal Perkins Loans
11   National Direct Student Loans
12   National Defense Student Loans
13   Health Education Assistance Loans
14   Health Professions Student Loans
15   Loans for Disadvantaged Students
16   Nursing Student Loans

Where can I get a consolidation loan?

invite you to learn more about Student Loan Consolidation
http://www.college-loan-consolidation-rates.co.cc/















AdlandPro Worlds Free  Classifieds
Get linked from 15,000 + sites FREE with one click.




pagerank search engine optimization






Share/Bookmark

7 comments:

  1. I think this is among the most significant information for me.
    And i'm glad reading your article. But want to remark on some general things, The website style is ideal, the articles is really excellent : D. Good job, cheers

    my website: Get your ex back
    Also see my page :: Get Your Ex Boyfriend Back

    ReplyDelete
  2. Thanks for every other informative site. Where else could I get that kind of information written in such an ideal
    way? I have a challenge that I am just now working on, and I've been on the look out for such info.

    Look into my blog post :: gauba

    ReplyDelete
  3. Hi my loved one! I wish to say that this post is amazing, great written and come
    with approximately all important infos. I would like to peer more posts like this .


    Also visit my weblog; love quotes
    Also see my webpage > peoples quotes

    ReplyDelete
  4. Hello, i read your
    blog occasionally and i own a similar one and i was just
    curious if you get a lot of spam responses? If so how do
    you prevent it, any plugin or anything you can advise?
    I get so much lately it's driving me insane so any
    assistance is very much appreciated.

    Here is my web blog Please visit my site
    my webpage: View here

    ReplyDelete
  5. Asκing questіons are actually nicе
    thing if yоu aгe not understаnԁing anything entirelу,
    but this еditorіal prеsents core understandіng even.


    Μу wеb sitе; personal loans

    ReplyDelete
  6. Quality articles or reviews is the crucial to be a focus for the
    viewers to visit the website, that's what this web page is providing.

    my web-site: http://www.wildpartygirls.org

    ReplyDelete
  7. I'm not sure where you're getting your info, but good topic.
    I needs to spend some time learning much more or understanding more.
    Thanks for great info I was looking for this info for my mission.


    Here is my page :: sexy girls videos

    ReplyDelete

school loan consolidation